With continued uncertainty on the outcome of Brexit, all eyes were on the European Payments Council (EPC) Board meeting on 7 March, where a decision was to be undertaken in respect of the UK application to remain a SEPA participant in the event of a no-deal Brexit scenario.
Sentiment within the EPC regarding the outcome had always been positive and this was ratified by the positive decision taken by the Board supporting the UK application to remain in SEPA.
The geographic scope of SEPA already extends beyond the EU and the EEA, with several third-countries already participating, therefore in the event of a no-deal Brexit the UK will assume a similar position and retain the ability to continue to operate within the scope of the SEPA Credit Transfer and Direct Debit schemes.
This is a very welcome outcome for Ireland as we have a significant volume of payments flowing in and out of the UK. This decision eliminates the necessity of implementing alternative solutions that could negatively impact customers.
The UK’s participation will be closely monitored by the EPC to ensure that adherence to the eligibility criteria is retained into the future.
Gill Murphy, Head of Payment Schemes at email@example.com